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MIDC - IL&FS to Develop Special Economic Zones in Maharashtra
Maharashtra Industrial Development Corporation (MIDC) and Infrastructure Leasing & Financial Services Limited (IL&FS) have entered into a strategic alliance on June 22, 2006 for development of Special Economic Zones (SEZ's) in Maharashtra namely at Amravati (Multi Purpose), Butibori (Textile), Krushnoor (Pharma) and Latur (Agro). The projects involve development of a total area of 1,450 hectares leading to significant investment and employment potential
Both institutions are pioneers in their respective fields and seek synergy in the alliance. A Memorandum of Agreement (MoA) was signed between MIDC and IL&FS in the presence of Shri Ashok Shankarrao Chavan, Hon'ble Minister (Industries, Cultural Affairs, Mines and Protocol). Other State dignitaries who graced the occasion included Shri Rana Jagjitsinh Padmasinh Patil, Hon'ble State Minister (Industries), Shri V.K.Jairath, Secretary (Industries, Energy, Labour Department) and Dr. K.Shivaji, Development Commissioner, Maharashtra (Industries) and Chairman, Udyog Mitra
MIDC, Maharashtra's premier industrial infrastructure development agency is now focusing on development of Special Ecomomic Zones in Maharashtra and has received formal approval for 11 such zones. IL&FS is a premier institution in the country for development of infrastructure projects on a commercial format and is partnering several State Government/agencies in this respect. Among various sectors of expertise, one of its focus areas remains development of SEZ's. It is currently implementing several such zones all over the country. IL&FS would assist MIDC in conducting all detailed studies and project structuring for developing bankable projects, induction of private developers and financial closure
Speaking on the occasion, Shri Chavan mentioned that Government of Maharashtra through MIDC is committed to development of world class SEZ's for the accelerated industrial development of Maharashtra. Shri Rajiv Jalota, CEO, MIDC mentioned that the alliance was unique and both MIDC and IL&FS are committed to share business development risk in line with the partnership approach
Shri Arun Saha, Deputy Managing Director, IL&FS, reiterated the company's commitment to development of infrastructure in Maharashtra and added that IL&FS would bring core competencies into the fore front. Development of SEZ's is a priority at the national and state level and the Public Private Partnership (PPP) approach appears most appropriate for implementation. IL&FS specializes in developing projects in this format
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